Abstract
Economists study “The Economy,” or so one might suppose. Yet this overarching entity is strikingly absent from mainstream theory. Since the 1950s, it has generally been described with a few mathematical propositions and not given a description that attends to institutions, power relations, or the emergent properties that form the leading indicators in macroeconomic theory. There is thus a significant divergence between folk economics and scientific economics on this theoretical entity. This article briefly addresses the history of this concept, noting its heyday in the interwar years, and brings to bear some of the analytical apparatus on institutional facts devised by John Searle. Whatever is meant by “The Economy” in folk economics appears to be significantly divergent from what is posited in scientific economics.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
